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<SEC-DOCUMENT>0000943440-09-000421.txt : 20091008
<SEC-HEADER>0000943440-09-000421.hdr.sgml : 20091008
<ACCEPTANCE-DATETIME>20090807165236
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000943440-09-000421
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20090807

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PETMED EXPRESS INC
		CENTRAL INDEX KEY:			0001040130
		STANDARD INDUSTRIAL CLASSIFICATION:	RETAIL-DRUG STORES AND PROPRIETARY STORES [5912]
		IRS NUMBER:				650680967
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			0330

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1441 SW 29 AVENUE
		CITY:			POMPANO BEACH
		STATE:			FL
		ZIP:			33069
		BUSINESS PHONE:		9549794788

	MAIL ADDRESS:	
		STREET 1:		1441 SW 29 AVENUE
		CITY:			POMPANO BEACH
		STATE:			FL
		ZIP:			33069
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<HEAD>
<TITLE>Response Letter</TITLE>
<META NAME="author" CONTENT="Ella Chesnutt">
<META NAME="date" CONTENT="08/07/2009">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="line-height:14pt; margin:0px; font-family:Arial; font-size:12pt" align=center>PetMed Express, Inc.</P>
<P style="margin:0px; font-family:Arial" align=center>1441 S.W. 29<SUP>th</SUP> Avenue</P>
<P style="margin:0px; font-family:Arial" align=center>Pompano Beach, Florida 33069</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial" align=right>Telephone (954) 979-5995</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px; font-family:Arial" align=center>August 7, 2009</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial" align=center>&#145;CORRESP&#146;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">United States Securities and Exchange Commission</P>
<P style="margin:0px; font-family:Arial">100 F Street, N.E.</P>
<P style="margin:0px; font-family:Arial">Washington, D.C. &nbsp;20549</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Arial">Attention:</P>
<P style="margin:0px; text-indent:96px; font-family:Arial">Jeffrey Riedler</P>
<P style="margin:0px; text-indent:96px; font-family:Arial">Jennifer Riegel</P>
<P style="margin:0px; text-indent:96px; font-family:Arial">Suzanne Hayes</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; font-family:Arial">Re:</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">PetMed Express, Inc. (the &#147;Company&#148;)</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">Form 10-K for the Year Ended March 31, 2008</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">Filed June 3, 2008</P>
<P style="margin:0px; text-indent:48px; font-family:Arial">File No. 000-28827</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-family:Arial">Ladies and Gentlemen:</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Arial" align=justify>Reference is made to the staff&#146;s comments under cover of its letter dated July 17, 2009 on the above-referenced filing. &nbsp;Set forth below please find the Company's responses to the staff&#146;s comments. &nbsp;For the staff&#146;s convenience, the staff&#146;s comments are set forth in italics before each response:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial" align=justify>Form 10-K filed on June 3, 2008</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial" align=justify><I><U>Definitive Proxy Statement filed June 19, 2009</U></I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial" align=justify><I><U>Compensation Discussion and Analysis, page 15</U></I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Arial" align=justify><I>1.</I></P>
<P style="margin:0px; padding-left:48px; font-family:Arial" align=justify><I>According to your response to prior comment 2 and your disclosure in your definitive proxy statement filed June 19, 2009, it appears that for your proxy statement for your 2009 annual meeting you are only providing disclosure of your performance goals achieved during your fiscal year ended March 31, 2008. &nbsp;These performance goals are used to determine all of your CFO&#146;s compensation, including his increase in base salary, restricted stock award and annual bonus. &nbsp;For base salary only, it appears to be appropriate to disclose information regarding the performance goals for your fiscal year ended March 31, 2008 in order to show how you established the CFO&#146;s base salary for the fiscal year ended March 31,2009. &nbsp;However, it appears the CFO&#146;s restricted stock award and annual bonus disclosed in your 2009 proxy statement should be based on performance in the fiscal year ended March 31, 2009 and that you have d
isclosed the stock award and bonus earned in the fiscal year ended March 31, 2008. &nbsp;Generally, a bonus or restricted stock award that is based on fiscal year end performance goals is earned in the year in which the performance is completed. &nbsp;Item 402(a)(2) of Regulation S-K requires disclosure of all compensation awarded to, earned by, or paid to the named executive officers for the respective fiscal year. &nbsp;Please confirm that in your 2010 proxy statement you will</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:120.467px; text-indent:-24px; font-family:Symbol" align=justify><I>&#183;</I></P>
<P style="margin:0px; padding-left:120.467px; font-family:Arial" align=justify><I>Disclose in your Compensation Discussion and Analysis the relevant performance goals used in establishing your CFO&#146;s restricted stock award and annual bonus for performance in the fiscal year ended March 31, 2010; and</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:120.467px; text-indent:-24px; font-family:Symbol" align=justify><I>&#183;</I></P>
<P style="margin:0px; padding-left:120.467px; font-family:Arial" align=justify><I>Include the restricted stock award and annual bonus based on performance in the fiscal year ended March 31, 2010 in your Summary Compensation and Grants of Plan-Based Awards Tables.</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<P style="margin:0px; font-family:Arial; page-break-before:always">United States Securities and Exchange Commission</P>
<P style="margin:0px; font-family:Arial">August&nbsp;7, 2009</P>
<P style="margin:0px; font-family:Arial">Page 2 of 2</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-48px; font-family:Arial" align=justify>RESPONSE: &nbsp;We acknowledge the staff&#146;s comment and, as requested, our 2010 Proxy Statement will disclose in the Compensation Discussion and Analysis the relevant performance goals used in establishing our CFO&#146;s restricted stock award, if any, and annual bonus, if any, for performance in the fiscal year ended March 31, 2010, and will include the restricted stock award, if any, and annual bonus, if any, based on performance in the fiscal year ended March 31, 2010 in the Summary Compensation and Grants of Plan-Based Awards Tables.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px; font-family:Arial" align=justify><I>2.</I></P>
<P style="margin:0px; padding-left:48px; font-family:Arial" align=justify><I>Additionally, it is unclear whether your compensation tables disclose your CFO&#146;s bonus earned during the year ended March 31, 2009 or if you have included the bonus paid during 2009 for performance during the year ended March 31, 2008. &nbsp;If this bonus was earned during the year ended March 31, 2008, please provide draft disclosure of your Summary Compensation Table for your next proxy statement which provides the compensation earned during the years ended March 31, 2008, March 31, 2009 and March 31, 2010. &nbsp;Going forward, your proxy statement should disclose the compensation earned in your most recent ended fiscal year.</I></P>
<A NAME="OLE_LINK6"></A><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-family:Arial" align=justify>RESPONSE: The data provided in the compensation table is accurate. &nbsp;However, we noted that it would be best to clarify when the bonus is determined, earned and paid, to avoid any future confusion. &nbsp;Below is a paragraph from our 2009 Proxy Statement, page 20. &nbsp;The Company will make sure this disclosure is updated and made in future proxy filings. &nbsp;Any revisions will be crossed out or underlined:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px; font-family:Arial" align=justify>Also, the annual bonus is based on a company-wide goal determined by management. &nbsp;A minimum bonus is determined and the bonus pool can increase depending on exceeding the goal. &nbsp;This bonus pool is then distributed to all employees, except for the Chief Executive Officer. &nbsp;The distribution amount is based on position and time of service. &nbsp;For <STRIKE>Fiscal 2008</STRIKE> Fiscal 2009, the bonus was based on the Company&#146;s reorder sales as a percentage of prior period&#146;s total sales. &nbsp;<U>The criteria for the annual bonus were communicated to all employees in December 2007, and the bonus is earned during the period of December 2007 until November 2008 (bonus earning period.</U> &nbsp;The bonus pool was established at $25,000, the prior year&#146;s total bonus, and for every 1% in excess of the 80% goal an additional $5,000 was added to the total bonus pool. &nbsp;For <STRIKE>Fiscal 2008</STRIKE><U>the bonus 
earning period,</U> the Company&#146;s reorder sales as a percentage of prior period&#146;s total sales <STRIKE>were</STRIKE> was 83%. &nbsp;Therefore, the total bonus pool <U>paid </U>for <STRIKE>Fiscal 2008</STRIKE> Fiscal 2009 was $40,000, which was shared with all employees, except for the CEO. &nbsp;There was no minimum bonus established for our CFO. &nbsp;His bonus is based on the same criteria, listed above, as is used to determine the bonuses for all eligible employees, specifically, proportionally based on each eligible employee&#146;s years of service and annual compensation. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:48px; font-family:Arial" align=justify>We trust the foregoing sufficiently responds to the staff&#146;s comment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0 align=center><TR height=0 style="font-size:0"><TD width=307.6></TD><TD width=316.4></TD></TR>
<TR><TD valign=top width=307.6><P>&nbsp;</P></TD><TD valign=top width=316.4><P style="margin:0px; font-family:Arial">Sincerely,</P>
</TD></TR>
<TR><TD valign=top width=307.6><P>&nbsp;</P></TD><TD valign=top width=316.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=307.6><P>&nbsp;</P></TD><TD valign=top width=316.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=307.6><P>&nbsp;</P></TD><TD valign=top width=316.4><P>&nbsp;</P></TD></TR>
<TR><TD valign=top width=307.6><P>&nbsp;</P></TD><TD valign=top width=316.4><P style="margin:0px; font-family:Arial">/s/ Bruce S. Rosenbloom</P>
</TD></TR>
<TR><TD valign=top width=307.6><P>&nbsp;</P></TD><TD valign=top width=316.4><P style="margin:0px; font-family:Arial">Bruce S. Rosenbloom</P>
</TD></TR>
<TR><TD valign=top width=307.6><P>&nbsp;</P></TD><TD valign=top width=316.4><P style="margin:0px; font-family:Arial">Chief Financial Officer</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:48px; text-indent:-48px; font-family:Arial">Cc: &nbsp;Roxanne K. Beilly, Esq.</P>
<P style="margin:0px"><BR>
<BR></P>
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